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General Motors reported a $0.1 billion net income in the first quarter, a stark contrast to the $0.9 billion it earned during the same period in 2013, but somewhat surprising considering the massive recalls the automaker is dealing with.

The earnings reflect a $1.3 billion pre-tax charge to repair the millions of vehicles recalled so far this year, along with a $0.3 billion restructuring cost. Millions of models worldwide may have been equipped with a faulty ignition switch that could potentially turn to the “off” position when the vehicle is still in motion. The automaker also issued another recall late last month that affects another 1.3 million vehicles (many of which are already included in the ignition switch recall) for a power steering issue. GM then said it expected to spend around $750 million in the first quarter to address the recalls.

GM’s first-quarter earnings were also hurt by a $400-million adjustment for the devaluation of currency in Venezuela. However, revenue increased a bit more than 1 percent to $37.4 billion compared to the $36.9 billion it collected last year.

“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra in a release. Some of these new vehicles include the Chevrolet Trax subcompact crossover and the new 2015 Chevrolet Corvette Z06 convertible, which were just revealed at the 2014 New York International Auto Show last week.